In other words, do you have a plan for leaving your business at some point in the future? Do you want to sell the business and retire – do you know if your business is even capable of being sold without your obngoing involvement? Or do you have staff or family to pass the business on to – are they ready to do that? If not, what will it take to prepare them for yuor departure, whether full- or part-time?
The ultimate aim of every serious business person is to build a company that has value, so that it can be sold or transferred, allowing the owner to exit gracefully and profitably.
Recently, we have been helping a number of our entrepreneur clients develop exit strategies. There are many issues to consider:
- When do you want to retire?
- Can the business be sold to your employees?
- Is a trade sale more likely?
- Are there children involved?
- How much is the business worth?
- What needs to be done to enhance the value of the business?
- How long will it take?
- Do you want/need to stay on after sale or transfer?
- What are the tax consequences?
We have a tried and tested methodology to address these issues and to help you prepare your business for sale, find potential buyers and negotiate to get the maximum price a buyer feels your business is worth. If you would like to discuss your personal exit plans we would be happy to do so with you — please call us!